JPMorgan updates maturity of $5 million notes linked to 49 consumer recovery stocks

By Marisa Wong

Los Angeles, March 15 – JPMorgan Chase Financial Co. LLC changed the maturity date of its $5 million of 0% capped buffered return enhanced notes linked to the J.P. Morgan consumer recovery basket to Sept. 9, 2022, according to an amended 424B2 filing with the Securities and Exchange Commission.

The maturity date was updated from Sept. 8, 2022 as stated in a previous 424B2 filing.

As previously reported, the basket is comprised of the stocks of 49 U.S.-listed companies that may benefit from a positive performance of the consumer discretionary sector during the term of the notes. The reference stocks are Royal Caribbean Cruises Ltd. with a 2.60% weight, Caesars Entertainment, Inc. with a 2.47% weight, United Airlines Holdings, Inc. with a 2.45% weight, Norwegian Cruise Line Holdings Ltd. with a 2.45% weight, L Brands, Inc. with a 2.34% weight, Tapestry, Inc. with a 2.32% weight, Dave & Buster’s Entertainment, Inc. with a 2.30% weight, Southwest Airlines Co. with a 2.34% weight, Wynn Resorts, Ltd. with a 2.30% weight, Alaska Air Group, Inc. with a 2.27% weight, MGM Resorts International with a 2.26% weight, Gap, Inc. with a 2.25% weight, Las Vegas Sands Corp. with a 2.25% weight, Delta Air Lines, Inc. with a 2.26% weight, American Express Co. with a 2.20% weight, MasterCard Inc. with a 2.19% weight, Walt Disney Co. with a 2.16% weight, Starbucks Corp. with a 2.15% weight, Expedia Group, Inc. with a 2.15% weight, Ford Motor Co. with a 2.14% weight, Booking Holdings Inc. with a 2.16% weight, Visa Inc. with a 2.12% weight, Lithia Motors, Inc. with a 2.11% weight, Ulta Beauty, Inc. with a 2.11% weight, Nordstrom, Inc. with a 2.12% weight, Restaurant Brands International Inc. with a 2.07% weight, Whirlpool Corp. with a 2.08% weight, PulteGroup, Inc. with a 2.08% weight, Newell Brands Inc. with a 2.05% weight, General Motors Co. with a 2.06% weight, Fortune Brands Home & Security, Inc. with a 2.03% weight, Burlington Stores, Inc. with a 2.04% weight, Coca-Cola Co. with a 2.02% weight, Ross Stores, Inc. with a 2.03% weight, Five Below, Inc. with a 2.02% weight, TJX Cos., Inc. with a 2.02% weight, McDonald’s Corp. with a 2.00% weight, Advance Auto Parts, Inc. with a 2.00% weight, Target Corp. with a 2.00% weight, Constellation Brands, Inc. with a 1.98% weight, Dollar General Corp. with a 1.95% weight, lululemon athletica inc. with a 1.94% weight, Uber Technologies, Inc. with a 1.83% weight, Best Buy Co., Inc. with a 1.80% weight, MGM Growth Properties LLC with a 1.28% weight, American Axle & Manufacturing Holdings with a 1.27% weight, Cedar Fair, LP with a 1.10% weight, Hostess Brands, Inc. with a 1.08% weight and Reynolds Consumer Products Inc. with a 0.79% weight.

The payout at maturity will be par plus 1.5 times any basket gain, capped at par plus 18.525%.

If the basket finishes flat or declines by up to 10%, the payout will be par. Otherwise, investors will lose 1.1111% for every 1% basket decline beyond the 10% buffer.

The notes are guaranteed by JPMorgan Chase & Co.

The agent is J.P. Morgan Securities LLC.

Issuer:	JPMorgan Chase Financial Co. LLC
Guarantor:	JPMorgan Chase & Co.
Issue:	Capped buffered return enhanced notes
Underlying basket:	Royal Caribbean Cruises Ltd. (NYSE: RCL) with a 2.60% weight, Caesars Entertainment, Inc. (Nasdaq: CZR) with a 2.47% weight, United Airlines Holdings, Inc. (Nasdaq: UAL) with a 2.45% weight, Norwegian Cruise Line Holdings Ltd. (NYSE: NCLH) with a 2.45% weight, L Brands, Inc. (NYSE: LB) with a 2.34% weight, Tapestry, Inc. (NYSE: TPR) with a 2.32% weight, Dave & Buster’s Entertainment, Inc. (Nasdaq: PLAY) with a 2.30% weight, Southwest Airlines Co. (NYSE: LUV) with a 2.34% weight, Wynn Resorts, Ltd. (Nasdaq: WYNN) with a 2.30% weight, Alaska Air Group, Inc. (NYSE: ALK) with a 2.27% weight, MGM Resorts International (NYSE: MGM) with a 2.26% weight, Gap, Inc. (NYSE: GPS) with a 2.25% weight, Las Vegas Sands Corp. (NYSE: LVS) with a 2.25% weight, Delta Air Lines, Inc. (NYSE: DAL) with a 2.26% weight, American Express Co. (NYSE: AXP) with a 2.20% weight, MasterCard Inc. (NYSE: MA) with a 2.19% weight, Walt Disney Co. (NYSE: DIS) with a 2.16% weight, Starbucks Corp. (Nasdaq: SBUX) with a 2.15% weight, Expedia Group, Inc. (Nasdaq: EXPE) with a 2.15% weight, Ford Motor Co. (NYSE: F) with a 2.14% weight, Booking Holdings Inc. (Nasdaq: BKNG) with a 2.16% weight, Visa Inc. (NYSE: V) with a 2.12% weight, Lithia Motors, Inc. (NYSE: LAD) with a 2.11% weight, Ulta Beauty, Inc. (Nasdaq: ULTA) with a 2.11% weight, Nordstrom, Inc. (NYSE: JWN) with a 2.12% weight, Restaurant Brands International Inc. (NYSE: QSR) with a 2.07% weight, Whirlpool Corp. (NYSE Chicago and NYSE: WHR) with a 2.08% weight, PulteGroup, Inc. (NYSE: PHM) with a 2.08% weight, Newell Brands Inc. (Nasdaq: NWL) with a 2.05% weight, General Motors Co. (NYSE: GM) with a 2.06% weight, Fortune Brands Home & Security, Inc. (NYSE: FBHS) with a 2.03% weight, Burlington Stores, Inc. (NYSE: BURL) with a 2.04% weight, Coca-Cola Co. (NYSE: KO) with a 2.02% weight, Ross Stores, Inc. (Nasdaq: ROST) with a 2.03% weight, Five Below, Inc. (Nasdaq: FIVE) with a 2.02% weight, TJX Cos., Inc. (NYSE: TJX) with a 2.02% weight, McDonald’s Corp. (NYSE: MCD) with a 2.00% weight, Advance Auto Parts, Inc. (NYSE: AAP) with a 2.00% weight, Target Corp. (NYSE: TGT) with a 2.00% weight, Constellation Brands, Inc. (NYSE: STZ) with a 1.98% weight, Dollar General Corp. (NYSE: DG) with a 1.95% weight, lululemon athletica inc. (Nasdaq: LULU) with a 1.94% weight, Uber Technologies, Inc. (NYSE: UBER) with a 1.83% weight, Best Buy Co., Inc. (NYSE: BBY) with a 1.80% weight, MGM Growth Properties LLC (NYSE: MGP) with a 1.28% weight, American Axle & Manufacturing Holdings (NYSE: AXL) with a 1.27% weight, Cedar Fair, LP (NYSE: FUN) with a 1.10% weight, Hostess Brands, Inc. (Nasdaq: TWNK) with a 1.08% weight, Reynolds Consumer Products Inc. (Nasdaq: REYN) with a 0.79% weight
Amount:	$5 million
Maturity:	Sept. 9, 2022
Coupon:	0%
Price:	Par of $1,000
Payout at maturity:	Par plus 1.5 times any basket gain, capped at par plus 18.525%; if the basket finishes flat or declines by up to 10%, par; otherwise, 1.1111% loss for every 1% basket decline beyond the 10% buffer
Initial share price:	$86.51 for Royal Caribbean, $93.31 for Caesars, $50.52 for United, $28.85 for Norwegian, $55.68 for L Brands, $41.91 for Tapestry, $42.38 for Dave & Buster’s, $56.92 for Southwest, $133.32 for Wynn, $64.89 for Alaska, $37.14 for MGM Resorts, $27.31 for Gap, $62.44 for Las Vegas Sands, $46.21 for Delta, $147.33 for American Express, $360.88 for MasterCard, $189.99 for Disney, $105.20 for Starbucks, $166.45 for Expedia, $12.27 for Ford, $2,307.10 for Booking, $215.41 for Visa, $375.46 for Lithia, $333.37 for Ulta, $35.07 for Nordstrom, $62.47 for Restaurant, $195.25 for Whirlpool, $45.74 for Pulte, $24.64 for Newell, $53.75 for GM, $85.76 for Fortune, $279.35 for Burlington, $50.79 for Coca-Cola, $113.13 for Ross, $183.36 for Five Below, $62.72 for TJX, $207.37 for McDonald’s, $171.51 for Advance Auto, $172.61 for Target, $217.01 for Constellation, $178.71 for Dollar General, $293.24 for lululemon, $55.54 for Uber, $102.85 for Best Buy, $33.16 for MGM Growth, $10.27 for American Axle, $50.43 for Cedar Fair, $14.98 for Hostess, $27.97 for Reynolds
Final share price: Average of closing share prices for each of five trading days ending Sept. 6, 2022
Strike date:	March 5
Pricing date:	March 8
Settlement date:	March 11
Agent:	J.P. Morgan Securities LLC
Fees:	1.25%
Cusip:	48132TDH6

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